I hope this update finds you enjoying the holiday season with your family and friends. It's so nice to take a break and focus on what means the most to us.

Amidst the festivities of last week, there was still activity in the College Park market with 4 homes going under contract and 8 closed sales. The lowest sales last week were all bank owned properties, including a Lake Fairview condo selling for $17,701! The banks are really pricing their inventory to sell quickly and are "dumping" them at ridiculously low prices. If you are in the position to pick up some investment property, now is the time to jump on these deals. There are many investors out there ready to pounce, but if you go about it the right way you can take advantage of this opportunity to build your portfolio.

Here are the recent sales in College Park:


SS = Short Sale BO = Bank Owned

It's been an interesting couple of weeks in the real estate market. I've seen both some positive changes and some not-so-much.

You can certainly find many opinions floating out there about the future of real estate, but the truth is until people find jobs and businesses start to flourish, things are going to be crummy for a bit longer. I've read predictions for next year that between 4 million (Realty Trac) and 4.6 million (Moody's) foreclosures will be filed in 2010. Another challenge for 2010 is that mortgage guidelines are tightening. Fannie Mae just lowered the Debt-to-Income Ratio to 45% which means buyers will have to lower their expectations on how much house they can afford. FHA is expected to follow suit next month. This could also be viewed as a positive, however, ensuring that borrowers won't get in over their heads.

So what about College Park? You know, I've seen a lot of positive movement in our neighborhood in the past couple of weeks. More high end buyers are entering our market than we've seen in a very long time. There has been activity in the 500K and 800K ranges. There was a house that sold over one million last week and another just went pending. Good stuff! We're still hovering at 253 available properties and 56 pendings.

Rates remain under 5% on average, however, they rose last week to 4.94% on a 30 year and 4.38% on a 15 year mortgage.

Here are the recent sales in College Park:


SS = Short Sale BO = Bank Owned

Wow! Rates have fallen below the current record set back in April, averaging 4.71% last week on a 30 year mortgage. This is great news for folks looking to buy right now, however, if you're thinking of refinancing it might be tricky. If you don't have a ton of equity it might prove to be difficult as you can only borrow 80% of your home's value. We are seeing appraisals coming in significantly lower than most home owner's expectations on refinance loans.

Get ready to see a new wave of short sales coming onto the market in the higher-end bracket. I'll keep you posted.

Here are the recent sales in College Park:

SS = Short Sale BO = Bank Owned

Last week was a decent one in the College Park market with eight homes going under contract and two of them were over $500,000. Although few and far between, there are higher end buyers out there taking advantage of these great interest rates. As has been pretty common, however, most of the houses that went pending were under $200,000. Here's how each price range has stacked up so far this year:



Average mortgage rates remain under 5%. Rates on a 30 year fixed mortgage ran 4.83% last week, inching closer to the all time low of 4.78% earlier this year. Rates on a 15 year fixed averaged around 4.32%.

Here are the recent closed sales in 32804:



ACTIVE LISTINGS: 256



PENDING LISTINGS: 64

VACANT LAND
ACTIVE: 30
PENDING: 0
SOLD (YTD 11/16/2009): 4
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
2614 WESTMORELAND: $350,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

We are entering our typical end of year slow down with closed sales dropping 30% in October compared to September, and pending sales dropping 27%. This is typical no matter the market.

Our activity has improved over this time last year, however, with 37.5% more properties going under contract. The actual number of sold properties is down 5.9%, but that is because so many of the pending sales are distress sales and those take longer to close.

I'm sure by now you are aware that the First Time Home Buyer Tax Credit of up to $8,000 has been extended to all homes under contract by April 30th, 2010. A few changes have been made, raising the income limits to $125,000 for a single person and $255,000 for a married couple, and there is now a credit for buyers who have owned a home for at least 5 years. That credit is up to $6500. Visit http://www.federalhousingtaxcredit.com/ for detailed information.

Average mortgage rates are under 5% again! Rates on a 30 year fixed mortgage ran 4.91% last week, on average. Rates on a 15 year fixed were around 4.36%.

Here are the recent closed sales in 32804:



ACTIVE LISTINGS: 261




PENDING LISTINGS: 62

VACANT LAND
ACTIVE: 30
PENDING: 0
SOLD (YTD 11/16/2009): 4
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
2614 WESTMORELAND: $350,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

I know you would love to hear some good news from me! Well, I have some. College Park is still one of the strongest parts of town to invest your money in real estate and will be one of the quickest to recover.

When we hear talk about the market recovering, based on the fact that 24% of mortgages in Florida are in default, one would conclude that "overall" we have a long way to go. But if you are a believer in that old saying "location, location, location" you will not be surprised to see how that will hold true with regard to market stabilization. College Park ranks number three in my study of the following zip codes, having one of the lowest percentages of DISTRESS LISTINGS. The sooner we get through our short sale and bank owned inventory, the quicker we will get on the road to recovery. Here's how it all breaks down:


(These numbers are based on what is reported in MLS)

Rates rose slightly last week. The average rate on a 30 year fixed was 5% and 15 yr. rates rose to an average of 4.43%

CLOSED SALES: 10/19/2009 - 10/25/2009
2016 ELIZABETH AVE: 3/2 - 1,560 sq/ft - $306,000

OTHER MARKET ACTIVITY: 10/19/2009 - 10/25/2009
New Listings: 7
Pending Sales: 7
Price Reductions: 20

ACTIVE LISTINGS: 252

PENDING LISTINGS: 252

VACANT LAND:
ACTIVE: 31
PENDING: 0
SOLD (YTD 10/19/09): 4
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
2614 WESTMORELAND: $350,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Wonder how short sales and bank owned properties are affecting our College Park market? Unfortunately they are impacting our values in a big way. Since 75% of the pending listings right now are either short sales or bank owned, we are in deep for awhile. Here's how the numbers unfold:

3rd QUARTER OF 2008 (July-September)
NUMBER OF CLOSED SALES: 59
AVERAGE SALES PRICE: $340,523
HIGH PRICE PER SQ/FT: $327.27
AVERAGE PRICE PER SQ/FT: $183.22
LOW PRICE PER SQ/FT: $87.01

3rd QUARTER OF 2009 (July-September)
NUMBER OF CLOSED SALES: 59
AVERAGE SALES PRICE: $228,234
HIGH PRICE PER SQ/FT: $259.82
AVERAGE PRICE PER SQ/FT: $133.38
LOW PRICE PER SQ/FT: $38.05

That's quite a drop. There are certainly so many variables to contend with when determining how your specific property has been affected; location, square footage, condition, etc. Let me know if you'd like to know what your home is worth in today's market.

On a more positive note, rates remain very low. They inched up last week, but are still under 5%, on average. 30 year fixed rates rose to 4.92% and rates on a 15 year rose to 4.37%

CLOSED SALES: 10/12/2009 - 10/18/2009

BO = Bank Owned SS = Short Sale

OTHER MARKET ACTIVITY: 10/12/2009 - 10/18/2009
New Listings: 6
Pending Sales: 5
Price Reductions: 14

ACTIVE LISTINGS: 253

Total Pending Sales: 53

VACANT LAND:
ACTIVE: 31
PENDING: 0
SOLD (YTD 10/19/09): 4
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
2614 WESTMORELAND: $350,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

So this week is pretty much it for buyers wanting to cash in on the $8,000 first time home buyer credit if they want to meet the November 30th deadline for closing. It will be interesting to see if the government decides to extend the credit. If they do, we probably won't find out until November.

Rates fell even lower last week. 30 year fixed rates were down to 4.87%, on average and rates on a 15 year dropped even further to 4.33%

CLOSED SALES: 10/5/2009 - 10/11/2009

BO = Bank Owned SS = Short Sale

OTHER MARKET ACTIVITY: 10/5/2009 - 10/11/2009
New Listings: 9
Pending Sales: 4
Price Reductions: 16

ACTIVE LISTINGS: 247


Total Pending Sales: 51

VACANT LAND:
ACTIVE: 29
PENDING: 2
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week buyers were takin' a break in the College Park market as just two houses went pending, a Wellesley condo listed at $110,000 and a single family home listed at $122,000. 16 closed sales were posted and I have to tell you, when I saw the numbers on a few of them, my heart sank. There were two in particular I've been watching and waiting to close. They were both 3/2s with around 1700 square feet and sold for around $250K. Ouch. Neither were short sales, however, sellers are having to face the fact that the bank owned and short sales values are affecting all of the comps. Another house that was purchased in August of 2008 for $698,000 just sold for $562,000. Again, the spec homes that were all sold in foreclosure this year affected the value of that house as well.

Gosh, I hate to sound so doom and gloom! Sorry about that. I just want you to have the facts, sugar free.

Here's some good news...rates fell below 5% last week! Rates on a 30 year fixed mortgage were down to 4.94%, on average and rates on a 15 year dropped to 4.36%

CLOSED SALES: 9/28/2009 - 10/4/2009

SS = Short Sale BO = Bank Owned

OTHER MARKET ACTIVITY: 9/28/2009 - 10/4/2009
New Listings: 9
Pending Sales: 2
Price Reductions: 24

Active Listings: 255


Total Pending Sales: 52

VACANT LAND:
ACTIVE: 29
PENDING: 2
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week buyers were taking advantage of the listings priced under 200K, as all of the 9 pending sales were listed between $64,000 - $188,900. Seven of the nine were either bank owned or short sales.

More bank owned properties are entering our market and boy, are the banks ever pricing them to sell! Bank owned properties are selling, on average, for 99% of list price (many are selling over list) here in 32804. Compare that to short sales, which are averaging 87% of list price. Most of the bank owned properties are under contract a week or two after going on the market. For example, a beautiful canal front home over in Palomar closed last week for $489,000 after being listed at $449,000. The bank received several offers and were under contract in 13 days. To give you the background, the home was purchased in 2006 for $539,000 and was then COMPLETELY gutted and beautifully renovated. The bank just wanted to dump it quick, so they put it out there at a steal. In turn, they had buyers fighting for it, driving up the price.

There are some great bank owned deals out there right now, but you need to be prepared to fight for them and ready to act quick.

30 year rates remained at 5.04%, on average and rates on a 15 year dropped to 4.46%

CLOSED SALES: 9/21/2009 - 9/27/2009
3215 HELEN AVE: 3/2 - 1,859 sq/ft - $183,000 *BO
905 ALTON AVE: 3/2 - 1,491 sq/ft - $90,000 *BO
1600 ANCHOR CT: 3/3 - 3,123 sq/ft - $489,000 *BO
620 W HAZEL ST: 2/1/1 - 940 sq/ft - $184,250 *SS
33 E PAR ST: 2/1 - 1,395 sq/ft - $135,000 *SS

*BO = Bank Owned
*SS = Short Sale

OTHER MARKET ACTIVITY: 9/21/2009 - 9/27/2009
New Listings: 11
Pending Sales: 8
Price Reductions: 25

Active Listings: 245



Total Pending Sales: 67

VACANT LAND:
ACTIVE: 28
PENDING: 2
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week 6 listings went under contract...more of the usual, with one exception. A lakefront short sale listed at 1,500,000 went pending. We haven't seen anything in that price range go under contract in quite some time. This house is amazing, however, and seems like a great deal at that price. It will be interesting to see how the deal unfolds and what the bank decides to accept.

There are 62 properties under contract right now in 32804, but as most of them are short sales, we aren't seeing the closings happen very quickly.

Mortgage rates dropped again last week, averaging 5.04% on a 30 year fixed and 4.47% on a 15 year. The 15 year rates are at the lowest level on record, dating back to 1991.

CLOSED SALES: 9/14/2009 - 9/20/2009
775 TIMOR AVE: 2/1 - 707 sq/ft - $26,900 *BO
726 CARLSON DR: 2/1 - 1,442 sq/ft - $105,400 *BO

*BO = Bank Owned

OTHER MARKET ACTIVITY: 9/14/2009 - 9/20/2009
New Listings: 8
Pending Sales: 6
Price Reductions: 11

Active Listings: 247



Total Pending Sales: 62

VACANT LAND:
ACTIVE: 28
PENDING: 2
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week in the College Park market 10 homes went pending, helping to bring our inventory even lower. Inventory is the lowest it's been since February of '07, which is very good for folks who are trying to sell property right now. Our average selling price has come up slightly as we start to see an increase in buyers making home purchases above $200,000.

Mortgage rates dropped slightly again last week, averaging 5.07% on a 30 year fixed and 4.5% on a 15 year.

CLOSED SALES: 9/7/2009 - 9/13/2009
226 W SPRUCE ST: 4/2 - 1,736 sq/ft - $197,500
2305 EDGEWATER DR #1614: 1/1 - 914 sq/ft - $119,950 *SS (Wellesley)
115 E KING ST: 3/2 - 1,650 sq/ft - $167,000

*SS - Short Sale

OTHER MARKET ACTIVITY: 9/7/2009 - 9/13/2009
New Listings: 5
Pending Sales: 10
Price Reductions: 21

Active Listings: 247



Total Pending Sales: 62

VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week in the College Park market 6 homes went pending, listed from $74,900-$415,000. Of all of the pending sales right now in 32804, 80% are distress sales and the price ranges are as follows:



Mortgage rates dropped last week, averaging 5.08% on a 30 year fixed and 4.54% on a 15 year.

CLOSED SALES: 8/31/2009 - 9/6/2009
2305 EDGEWATER DR #1403: 1/1 - 911 sq/ft - $119,500 *SS

*SS - Short Sale

OTHER MARKET ACTIVITY: 8/31/2009 - 9/6/2009
New Listings: 9
Pending Sales: 6
Price Reductions: 27

Active Listings: 251




Total Pending Sales: 56

VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week in College Park buyers were busy, putting 11 homes under contract. The clock is ticking on the first time home buyer tax credit, so those buyers are making sure they don't miss out.

Rates last week barely edged up to an average of 5.14% on a 30 year fixed and 4.58% on a 15 year.

CLOSED SALES: 8/24/2009 - 8/30/2009
2202 ELIZABETH AVE#B: 3/3 - 1,596 sq/ft - $205,000
600 W YALE ST: 2/1 - 964 sq/ft - $197,000
927 CARLSON DR: 3/2 - 1,759 sq/ft - $167,500
2305 EDGEWATER DR#1713: 2/1 - 1,209 sq/ft - $183,000 (Wellesley) *BO

*BO = Bank Owned

OTHER MARKET ACTIVITY: 8/24/2009 - 8/30/2009
New Listings: 7
Pending Sales: 11
Price Reductions: 27

PRESENTLY ON THE MARKET: 8/31/2009
Active Listings: 256
Under 100K: 8
100K - 199,999: 71
200K - 299,999: 66
300K - 399,999: 43
400K - 499,999: 19
500K - 599,999: 15
600K - 699,999: 10
700K - 799,999: 6
800K - 899,999: 1
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 54

VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

I get asked a lot when I think things are going to stabilize. Of course that is a difficult question to answer, but here's what I do know.

On one hand home sales are up 37% in the state of Florida over last year, but the median sales price is down 24%. Because of the foreclosure activity in Florida (worst in the nation) we are likely to still see prices fall for some time.

We are now starting to see a rise in the delinquency rate of prime borrowers (those with good credit) due to the poor economy, not the structure of their loans as with sub-prime borrowers. In Florida, 23% of all loans are either past due or in foreclosure. The foreclosure rate among prime borrowers rose to 12.42%. Because of this, I think we are going to start to see an increase in higher end homes hitting the market as short sales and bank owned sales.

Rates are still great and there are buyers out there ready to make a move. If you are thinking of selling, I would jump now rather than wait for prices to come down into next year.

Rates last week averaged 5.12% on a 30 year fixed and 4.56% on a 15 year.

CLOSED SALES: 8/17/2009 - 8/23/2009
21 W YALE ST: 3/2 - 1,844 sq/ft - $310,000
924 ASHINGTON PL: 2/2 - 1,594 sq/ft - $250,000
35 E PRESTON ST: 4/2 - 1,873 sq/ft - $225,000

OTHER MARKET ACTIVITY: 8/17/2009 - 8/23/2009
New Listings: 11
Pending Sales: 7
Price Reductions: 15

PRESENTLY ON THE MARKET: 8/23/2009
Active Listings: 263
Under 100K: 11
100K - 199,999: 76
200K - 299,999: 66
300K - 399,999: 39
400K - 499,999: 21
500K - 599,999: 16
600K - 699,999: 10
700K - 799,999: 6
800K - 899,999: 1
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 49

VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

This has set out to be a great August in the College Park real estate market! In August of 2008, 19 homes went under contract. So far this August, 18 have gone pending and we're only half way through the month. The chart below shows the activity from 7/08 - 7/09. You can see how bad things got and how we are beginning to rebound, as far as activity. Our inventory is down to 258 now also, so things are really starting to stabilize.



Rates rose last week, averaging 5.29% on a 30 year fixed and 4.68% on a 15 year fixed rate mortgage. Still incredible.

CLOSED SALES: 8/3/2009 - 8/9/2009
2607 COOLIDGE AVE: 3/2 - 1,400 sq/ft - $137,900 *BO
3009 HELEN AVE: 2/1 - 1,267 sq/ft - $230,000
3210 HARRISON AVE: 4/4 - 2,420 sq/ft - $425,000
6 E PAR ST: 4/2/1 - 2,480 sq/ft - $299,000

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 8/10/2009 - 8/16/2009
New Listings: 8
Pending Sales: 4
Price Reductions: 22

PRESENTLY ON THE MARKET: 8/16/2009
Active Listings: 258
Under 100K: 9
100K - 199,999: 75
200K - 299,999: 67
300K - 399,999: 37
400K - 499,999: 20
500K - 599,999: 16
600K - 699,999: 11
700K - 799,999: 6
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 12
Total Pending Sales: 47

VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

So much for the typical "end-of-summer-slow-down". We're breakin' the rules! Last week 12 properties went pending. Ten of the twelve were short sales or bank owned, showing that buyers are going after the best priced properties which are usually the distress sales.

All signs are pointing to the start of a turn around, not only nationally, but finally here in College Park. We have 254 active listings, down from 314 this time last year. We are also down to a 12.3 month supply of inventory (based on closed sales through the end of the July) compared to a 40.3 month supply in January.

While this is GREAT news, prices do continue to come down because of the short sales and bank owned properties being sold. The chart below shows the average price of listed homes vs. the average price of what is selling (Jan.-July). The closed sales sold for 77% of their original list price, on average.



Rates fell slightly last week, averaging 5.22% on a 30 year fixed and 4.63% on a 15 year fixed rate mortgage.

CLOSED SALES: 8/3/2009 - 8/9/2009
721 LANGSTON CT: 3/3 - 2,288 sq/ft - $170,000 *BO
365 DUBSDREAD CIR: 4/3 - 3,807 sq/ft - $587,000 *SS
1027 BRYN MAWR ST: 4/2 - 2,571 sq/ft - $668,000
844 TIMOR AVE: 3/2 - 1,509 - $77,500 *BO

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 8/3/2009 - 8/9/2009
New Listings: 6
Pending Sales: 12
Price Reductions: 20

PRESENTLY ON THE MARKET: 8/9/2009
Active Listings: 254
Under 100K: 10
100K - 199,999: 76
200K - 299,999: 65
300K - 399,999: 38
400K - 499,999: 16
500K - 599,999: 15
600K - 699,999: 11
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 11
Total Pending Sales: 51

VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Finally! There sure has been great news lately about the real estate market slowly inching toward a recovery. Music to my ears and yours too, I'm sure. Here in College Park, we're staying pretty close to the same number of closed sales as this time last year. As far as price per square foot, the median for the year has come down about 15% compared to last year. Each segment is different, however. For example, on homes with over 3000 sq/ft, the median price per square foot has come down 34%

Last week in the College Park market 7 homes went under contract, 6 listed from $65,000-$267,00 and a short sale with 3,418 sq/ft listed at $460,000.

Rates rose again last week, averaging 5.25% on a 30 year fixed and 4.689% on a 15 year fixed rate mortgage. This time last year rates on a 30 year were 6.52%.

CLOSED SALES: 7/27/2009 - 8/2/2009
203 W WINTER PARK ST: 3/2 - 1,350 sq/ft - $205,000
2050 COUNTRY SIDE CIR: 2/2 - 1,466 sq/ft - $190,000
724 SEMINOLE AVE: 3/1 - 480 sq/ft- $55,730
854 CARLSON DR: 3/2 - 916 sq/ft - $90,000
25 E NEW HAMPSHIRE ST: 4/3/1 - 4,142 sq/ft - $605,000
4724 GODDARD AVE: 3/1 - 1,150 sq/ft - $118,900

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 7/27/2009 - 8/2/2009
New Listings: 11
Pending Sales: 7
Price Reductions: 12

PRESENTLY ON THE MARKET: 8/3/2009
Active Listings: 267
Under 100K: 12
100K - 199,999: 80
200K - 299,999: 68
300K - 399,999: 39
400K - 499,999: 16
500K - 599,999: 16
600K - 699,999: 12
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 11
Total Pending Sales: 43

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week in the College Park market 8 homes went under contract, listed from $65,000-$229,900. We are still finding that the majority of pending sales in College Park are distressed sales (65%) as buyers try to get the best deals out there.

Rates rose slightly last week, averaging 5.2% on a 30 year fixed and 4.68% on a 15 year fixed rate mortgage.

CLOSED SALES: 7/20/2009 - 7/26/2009
1330 GOLFVIEW ST: 2/2 - 1,520 sq/ft - $174,900
2305 EDGEWATER DR #1210: 3/2/1 - 1,882 sq/ft - $412,500 *SS (Wellesley Condo)
2315 ANN ARBOR AVE: 2/1 - 940 sq/ft- $180,000
836 CAREW AVE: 3/2 - 1,647 sq/ft - $163,500 *SS
115 E SMITH ST #7: 2/1 - 930 sq/ft - $62,000 *BO

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 7/20/2009 - 7/26/2009
New Listings: 20
Pending Sales: 8
Price Reductions: 26

PRESENTLY ON THE MARKET: 7/27/2009
Active Listings: 268
Under 100K: 10
100K - 199,999: 81
200K - 299,999: 63
300K - 399,999: 42
400K - 499,999: 18
500K - 599,999: 17
600K - 699,999: 12
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 5
Over $1,000,000: 11
Total Pending Sales: 43

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

The College Park real estate market was a bit slower last week with just 4 houses going under contract. This is typical activity as we start inching toward the end of summer. Historically sales peak in June, slow down a little in July and significantly drop off in August. On the bright side, our inventory keeps falling and we are now down to 264 active listings.

Rates came down again last week, averaging 5.14% on a 30 year fixed and 4.63% on a 15 year fixed rate mortgage.

CLOSED SALES: 7/13/2009 - 7/19/2009
1421 W HARVARD ST: 2/2 - 1,622 sq/ft - $155,000 *SS
1517 ARTHUR ST: 3/2/1 - 1,708 sq/ft - $325,000
604 SHERIDAN BLVD: 3/2 1,544 sq/ft - $318,000
225 W SPRUCE ST: 3/2 - 2,049 sq/ft - $218,000

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 7/13/2009 - 7/19/2009
New Listings: 11
Pending Sales: 4
Price Reductions: 32

PRESENTLY ON THE MARKET: 7/21/2009
Active Listings: 264
Under 100K: 11
100K - 199,999: 75
200K - 299,999: 62
300K - 399,999: 45
400K - 499,999: 18
500K - 599,999: 17
600K - 699,999: 12
700K - 799,999: 6
800K - 899,999: 2
900K - 999,999: 6
Over $1,000,000: 10
Total Pending Sales: 42

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

I was unable to do the update last week so this week's info is from the past 2 WEEKS. When I checked the stats, I was pleasantly surprised! Some of the highlights were 12 closed sales and 13 properties that went under contract. Our inventory has also dropped to 275 active listings in 32804.

In the Orlando market as a whole, inventory levels are at just over an 8 month supply. A 6 month supply is indicative of a balance between buyers and sellers. Here in the College Park market, we have just over a 19 month supply, if we base that on the activity over the past 6 months. This is why I get so excited when I see the number of active listings going down. We still have a way to go until we get closer to things leveling off in College Park.

Rates ended the week last week down for the second straight week. Rates are down "amid market concerns over a weakening labor market", according to Frank Nothaft, Freddie Mac's chief economist. Average rates on a 30 yr. fixed were 5.2% and 4.69% on a 15 yr. fixed rate mortgage.

60% of our pending sales in the College Park market are distressed sales (Bank Owned or Short Sales) and as you can see below, they tend to sell for less than "regular" sales.

CLOSED SALES: 6/29/2009 - 7/12/2009 (2 WEEK PERIOD)
854 CARLSON DR: 3/2 - 916 sq/ft - $75,000 *BO
831 STETSON ST: 2/1/1 - 834 sq/ft - $203,900
2929 OBERLIN AVE: 2/2 1,258 sq/ft -$260,000
1225 W HARVARD ST: 2/1 - 1,177 sq/ft - $192,900
1433 FAIRVIEW ST: 3/2 1,707 sq/ft - $200,000 *BO
750 BOARDMAN ST: 4/3 - 2,157 sq/ft -$325,000 *BO
1724 N SHORE TER: 3/2 1,265 sq/ft -$119,900 *BO
2821 CARL TER: 2/1 - 1,067 sq/ft - $196,000
4715 GODDARD AVE: 3/2 - 1,360 sq/ft -$97,000 *BO
3525 EAGLE DR: 5/3/1 - 3,519sq/ft - $510,000
1415 W YALE ST: 3/2 - 1,383 sq/ft -$240,000
2600 MUSSELWHITE AVE: 2/2 - 1,027 sq/ft -$123,500 *SS

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 6/29/2009 - 7/12/2009 (2 WEEK PERIOD)
New Listings: 23
Pending Sales: 13
Price Reductions: 43

PRESENTLY ON THE MARKET: 7/12/2009
Active Listings: 275
Under 100K: 9
100K - 199,999: 79
200K - 299,999: 68
300K - 399,999: 50
400K - 499,999: 15
500K - 599,999: 17
600K - 699,999: 13
700K - 799,999: 5
800K - 899,999: 2
900K - 999,999: 6
Over $1,000,000: 11
Total Pending Sales: 43

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Last week two higher end houses went under contract that I've been watching for awhile here in College Park. Both were exceptional, one on a golf course and one on a lake. I'll admit, I've coveted both of them just slightly...they're both great houses. Both have been listed for quite some time and deep down I knew what list price they would both need to get to before they got an offer, however, I was hoping they would be able to sell for more. Sure enough, the price reductions came, and came again, until finally they were at the point where a buyer was ready to snag "the deal".

That's just how it is out there right now. Buyers are waiting and watching, and not ready to make a move until they feel they are getting a great deal. They know they can, and they are.

Rates ended the week averaging at 5.42% on a 30 year fixed rate and 4.87% on a 15 year.

CLOSED SALES: 6/22/2009 - 6/28/2009
521 GREELY ST: 4/2/1 - 2,884 sq/ft - $525,000
1408 SHADY LANE DR: 2/1 - 1,024 sq/ft - $135,000 *SS
4212 GRANT BLVD: 3/3 - 2,081 sq/ft - $279,000 *BO

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 6/22/2009 - 6/28/2009
New Listings: 7
Pending Sales: 5
Price Reductions: 22

PRESENTLY ON THE MARKET: 6/29/2009
Active Listings: 279
Under 100K: 9
100K - 199,999: 74
200K - 299,999: 69
300K - 399,999: 51
400K - 499,999: 16
500K - 599,999: 20
600K - 699,999: 16
700K - 799,999: 5
800K - 899,999: 4
900K - 999,999: 6
Over $1,000,000: 9
Total Pending Sales: 45

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Activity in the College Park real estate market was pretty slow last week, with just one property going under contract. Could it be that it was too darn hot to go looking at houses?!

The percentage of active listings here in College Park that are in distress has risen to 18%, however that's still better than in many areas. In Baldwin Park, 25% of their active listings are distress sales, Windermere is at 20% and Maitland at 30%. The only area significantly lower than College Park is Winter Park (32789) at 11%.

Of the pending sales right now in 32804, 70% are listed under $250,000 and 64% are distress sales.

Rates ended the week down slightly from the week before. Average rates on a 30 year fixed were 5.38% and 4.89% on a 15 year.

CLOSED SALES: 6/15/2009 - 6/21/2009
727 W FAIRBANKS AVE: 2/1 - 1,150 sq/ft - $76,000 *BO
225 E NEW HAMPSHIRE ST #9: 2/1 - 572 sq/ft - $55,000 *BO
1015 EASTERN WAY: 3/1/1 - 1,015 sq/ft - $250,000
3411 BACKSPIN LN: 3/2 - 1,590 sq/ft - $90,000 *BO
1017 VASSAR ST: 3/2 - 1,454sq/ft - $260,000

*BO - Bank Owned

OTHER MARKET ACTIVITY: 6/15/2009 - 6/21/2009
New Listings: 8
Pending Sales: 1
Price Reductions: 21

PRESENTLY ON THE MARKET: 6/22/2009
Active Listings: 284
Under 100K: 11
100K - 199,999: 67
200K - 299,999: 72
300K - 399,999: 47
400K - 499,999: 16
500K - 599,999: 20
600K - 699,999: 19
700K - 799,999: 6
800K - 899,999: 4
900K - 999,999: 6
Over $1,000,000: 11
Total Pending Sales: 44

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

I had a request to add a vacant land category to College Park Update, so I am happy to oblige! I will update that every month or so as there really isn't a lot of activity. Just to give you an idea of the market change, from January of '05 through December of '06 there were 21 vacant land sales. You can view this year's activity at the bottom of this page.

The number of active listings in 32804 continues to decline, a very good thing for our market.

Average mortgage rates are the highest they've been in 7 months, ending the week at 5.59% on a 30 year fixed and 5.06% on a 15 year. Still not horrible, historically speaking.

CLOSED SALES: 6/8/2009 - 6/14/2009
905 W SMITH ST: 2/2 - 1,139 sq/ft - $173,000
1105 YATES ST: 2/1 - 904 sq/ft - $178,500
209 W HAZEL ST: 3/1 - 1,370 sq/ft - $140,000 *SS

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 6/8/2009 - 6/14/2009
New Listings: 9
Pending Sales: 6
Price Reductions: 22

PRESENTLY ON THE MARKET: 6/15/2009
Active Listings: 279
Under 100K: 11
100K - 199,999: 67
200K - 299,999: 72
300K - 399,999: 47
400K - 499,999: 16
500K - 599,999: 20
600K - 699,999: 19
700K - 799,999: 6
800K - 899,999: 4
900K - 999,999: 6
Over $1,000,000: 11
Total Pending Sales: 48

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

Not a lot of activity with vacant land in College Park. Of the 29 listings, 4 are zoned R-2, 4 are lakefront and 3 are short sales. The lot that is pending is listed at $64,900 and is on Edgewater Drive. The lot that sold was a lakefront lot on Lake Fairview that sold back in March for $295,000.

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.

Orlando Leisure Magazine just put out a report naming the "Hot Zones" in Orlando real estate. They identified the top 25 zip codes based on appreciation, average price and sales volume from 2000-2008. Their research put College Park at number 5 on the list! Not too shabby I'd say. We were just under Windermere. Check out the entire article, it's a good one: http://ohlmag.com/article_zipcodes.html

Average mortgage rates are up over 5% for the first time in 3 months to 5.29% on a 30 year fixed.

CLOSED SALES: 6/1/2009 - 6/7/2009
1019 MEADOWS AVE: 3/2 - 1,731 sq/ft - $165,000
976 W FAIRBANKS AVE: 3/2 - 1,055 sq/ft - $124,999
714 PUTNAM AVE: 2/1 - 846 sq/ft - $97,125 *BO
808 W NEW HAMPSHIRE ST: 4/3/1 - 3,145 sq/ft - $550,000
735 FAIRBANKS AVE: 3/2 - 1,510 sq/ft - $180,000 *SS

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 6/1/2009 - 6/7/2009
New Listings: 7
Pending Sales: 7
Price Reductions: 22

PRESENTLY ON THE MARKET: 6/8/2009
Active Listings: 282
Under 100K: 11
100K - 199,999: 61
200K - 299,999: 78
300K - 399,999: 50
400K - 499,999: 15
500K - 599,999: 19
600K - 699,999: 19
700K - 799,999: 6
800K - 899,999: 5
900K - 999,999: 7
Over $1,000,000: 11
Total Pending Sales: 47

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

Last week was pretty quiet with regard to activity in 32804, but it was a great one for 3 of my clients.

I got a contract on a new listing the first week it was listed. Proof positive that if you are ahead of your competition with regard to price and condition, the odds are in your favor.

I got a short sale closed on one of my listings that took 3 months from contract to close. Thank goodness the buyer was patient and the sellers recognized how much better a short sale would be on their credit vs. foreclosure, so they were exceptionally cooperative in getting the necessary paperwork together, etc. The buyer got a great deal and the seller gets to move on with their life.

I was also able to help a first time home buyer negotiate a great deal on a house here in College Park. He recognized the fact that in this market you really can't over pay for a house with values continuing to fall. He did not get emotionally attached and walked away from negotiations on another house with less motivated sellers. He's so excited to get rooted in our great neighborhood!

Interest rates rose last week but still remain under 5%.

CLOSED SALES: 5/25/2009 - 5/31/2009
537 W WINTER PARK ST: 3/2 - 1,475 sq/ft - $120,000 *BO
1326 W PRINCETON ST: 2/1 - 1,024 sq/ft- $205,000 *SS
19 E PRESTON ST: 3/2 - 1,236 sq/ft - $230,000
2106 HARRISON AVE: 4/3 - 2,070 sq/ft - $420,000

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 5/25/2009 - 5/31/2009
New Listings: 9
Pending Sales: 4
Price Reductions: 14

PRESENTLY ON THE MARKET: 5/31/2009
Active Listings: 291
Under 100K: 11
100K - 199,999: 60
200K - 299,999: 84
300K - 399,999: 51
400K - 499,999: 17
500K - 599,999: 20
600K - 699,999: 19
700K - 799,999: 6
800K - 899,999: 5
900K - 999,999: 7
Over $1,000,000: 10
Total Pending Sales: 44

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

You can't listen to the news these days without hearing talk of short sales, foreclosures, bank owned property, etc. It is all such a huge part of the real estate market now and is here to stay for awhile. You might wonder how College Park is being affected by distress sales (short sale or bank owned).

In College Park (32804):
16% of all Active Listings are distress sales
64% of all Pending Listings are distress sales

Here's the percentage of the distress sale activity around us. There are different areas within the following cities that fare differently, so let me know if you'd like a breakdown of a particular zip code.

Orlando:
Active - 46%
Pending - 74%
Winter Park:
Active - 20%
Pending - 53%
Maitland:
Active - 31%
Pending - 64%

The majority of buyers out there today are clearly looking for the best deal they can get, which in many cases, is going to be a property in pre-foreclosure or one already taken back from the back. Unfortunately the appraisers have to use these sales as comps and therefore prices continue to come down.

CLOSED SALES: 5/18/2009 - 5/24/2009
118 W EVANS ST: 3/2 - 1,032 sq/ft - $168,797 *SS
920 ASHINGTON PL#12: 3/2 - 1,962 sq/ft - $313,000
220 E HARVARD ST: 4/2 - 1,889 sq/ft - $331,000
1407 GOLFVIEW ST: 2/1 - 1,038 sq/ft - $129,000
2915 HELEN AVE: 2/1 - 952 sq/ft - $155,000 *BO
2305 EDGEWATER DR#1616: 2/2 - 1,115 sq/ft - $210,000 *BO
2931 HELEN AVE: 2/1 - 1,056 sq/ft - $203,000
913 N. WESTMORELAND DR: - 3/2 - 1,666 sq/ft - $282,000

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 5/18/2009 - 5/24/2009
New Listings: 18
Pending Sales: 8
Price Reductions: 20

PRESENTLY ON THE MARKET: 5/26/2009
Active Listings: 288
Under 100K: 11
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 51
400K - 499,999: 17
500K - 599,999: 18
600K - 699,999: 18
700K - 799,999: 5
800K - 899,999: 7
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 44

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

Sometimes I feel like the grim reaper these days bringing the harsh reality to your attention, but I've gotta keep it real. I promise to end on a positive note!

I ran some numbers today to determine the ABSORPTION RATE in each price range in the 32804 zip code. The absorption rate is how many months it will take the market to absorb the current inventory, in other words, how many months' supply do we have in each category. To arrive at these numbers, I took how many homes have sold in the past year in each price range, divided that by 12 months, and then divided that into the number of active listings there are in each category. Here's what I found:

Under 100K: 26 month supply
100-200K: 14 month supply
200-300K: 12 month supply
300-400K: 23 month supply
400-500K: 16 month supply
500-600K: 36 month supply
600-700K: 36 month supply
700-800K: 9 month supply
800-900K: 28 month supply
Over 900K: There have been no sales over $900,000 in the past 12 months. In the past 2 years, the only single family homes sold over 900K were lakefront, with one exception, a house on Seville with over 7,000 sq/ft that sold for 2.5m. There was one condo in The Wellesley that sold for 1.3m in July of '07

If you have a house to sell, with the absorption rate we are seeing right now, staying ahead of the pack (best price, best condition) is essential.

Here's the good news. There are 44 pending listings that are scheduled to close. When they do, these numbers will be better. Also, there is some rumbling out there about trying to get the first time home buyer $8,000 tax credit payable at closing in the state of Florida. This will have a positive impact on sales.

Average rates ended the week last week at 5% on a 30 year fixed and 4.75% on a 15 year. Keep in mind these are averages. My clients are locking in lower than that.

CLOSED SALES: 5/11/2009 - 5/17/2009
4405 BUCKEYE CT: 2/1 - 900 sq/ft - $65,000
2626 ELIZABETH AVE: 3/2 - 1,809 - $362,000

OTHER MARKET ACTIVITY: 5/11/2009 - 5/17/2009
New Listings: 9
Pending Sales: 3
Price Reductions: 17

PRESENTLY ON THE MARKET: 5/17/2009
Active Listings: 288
Under 100K: 11
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 51
400K - 499,999: 17
500K - 599,999: 18
600K - 699,999: 18
700K - 799,999: 5
800K - 899,999: 7
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 44

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

Last week was another decent one with 7 homes going under contract. Of the 7, once again, the majority (5) were under $200,000. There was one closed sale posted, 16 E. Vanderbilt, a renovated 2/1 with 1,180 square feet and a gorgeous 93x146 lot. This property sold for $250,000, a really great buy for someone.

You might have noticed that although the number of pending sales is higher each week (43 right now in 32804) there aren't a ton of closed sales to track. This is due to the number of short sales and bank owned properties under contract and those take months to close. Of the 43 pending contracts right now, more than half (24) are distress sales.

Average rates ended the week last week at 4.84% on a 30 year fixed and 4.51% on a 15 year.

CLOSED SALES: 5/4/2009 - 5/10/2009
16 E. Vanderbilt St: 2/1 - 1180 sq/ft - $250,000

OTHER MARKET ACTIVITY: 5/4/2009 - 5/10/2009
New Listings: 15
Pending Sales: 7
Price Reductions: 23

PRESENTLY ON THE MARKET: 5/11/2009
Active Listings: 291
Under 100K: 9
100K - 199,999: 60
200K - 299,999: 82
300K - 399,999: 50
400K - 499,999: 19
500K - 599,999: 18
600K - 699,999: 19
700K - 799,999: 6
800K - 899,999: 8
900K - 999,999: 7
Over $1,000,000: 13
Total Pending Sales: 43

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

I come to you today with great news with a bitter-sweet twist. We had 10 homes go under contract last week! I can't remember the last time we saw that...it's been awhile and definitely not this year. While that is very encouraging, it's not great news for those trying to sell their houses in the mid to upper range as 8 of those listings were priced under $200,000. I can't think of a better time to be a first time home buyer. Rates are historically low, prices have come way down, and that $8,000 tax credit really sweetens the deal. Mid and upper range buyers are still few and far between as most have houses of their own to sell.

Of the 8 closed sales last week, none of them were short sales or bank owned!!

Average rates today 5.125% on a 30 year fixed and 4.750% on a 15 year.

CLOSED SALES: 4/20/2009 - 4/26/2009
2101 HARRISON AVE: 3/2/1 - 2,177 sq/ft - $365,000
1310 BELLEAIRE CIR: 4/3/1 - 3,156 sq/ft - $490,000
2035 COUNTRY SIDE CIR: 2/2 - 1,502 sq/ft - $196,000
3123 EAGLE BLVD #f: 3/1/1 - 1,220 sq/ft - $179,750
3512 FAIRWAY LN: 3/1 - 944 sq/ft - $124,500
2216 AMHERST AVE: 3/2/1 - 1,608 sq/ft - $245,000
1902 N WESTMORELAND DR: 2/1 - 830 sq/ft - $185,000
616 W HAZEL ST: 2/2 - 1,279 sq/ft - $275,000


OTHER MARKET ACTIVITY: 4/27/2009 - 5/3/2009
New Listings: 7
Pending Sales: 10
Price Reductions: 25

PRESENTLY ON THE MARKET: 5/3/2009
Active Listings: 284
Under 100K: 9
100K - 199,999: 59
200K - 299,999: 78
300K - 399,999: 47
400K - 499,999: 20
500K - 599,999: 20
600K - 699,999: 18
700K - 799,999: 7
800K - 899,999: 9
900K - 999,999: 4
Over $1,000,000: 13
Total Pending Sales: 37

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

We are dealing with more and more short sales in my office these days. A short sale is where the bank agrees to sell the property for less than is owed on the mortgage. In this market, folks who bought their houses in 2005-2007 are often "upside down" and can't refinance that adjustable rate mortgage they got when they bought the house. The cannot afford to continue to pay their new, much higher mortgage payment and are facing foreclosure. In other cases, a homeowner has to move because of a job transfer, but cannot sell their house for what is owed...maybe they bought in the inflated market or took out a second mortgage during those peak times.

Not being able to sell your house for what you owe is a horrible spot to be in. MANY homeowners are facing it daily, even here in College Park. If you, or someone you know, would like advice or just more information on selling your house short, or even purchasing these distressed properties, just let me know. It's a complicated and often grueling process, however, many of the banks are improving their systems and the sales are going through. We have a few short sale "experts" in my office and we are having much better luck getting these contracts to the closing table.

Both of the closed sales last week in College Park were short sales.

Average rates are down today with 4.875% on a 30 year fixed and 4.625% on a 15 year.

CLOSED SALES: 4/20/2009 - 4/26/2009
16 W VANDERBILT ST: 5/3/2 - 3,654 sq/ft - $620,000 *SS
115 E SMITH ST #9: 2/1 - 930 sq/ft - $69,900 *SS
*SS = Short Sale

OTHER MARKET ACTIVITY: 4/20/2009 - 4/26/2009
New Listings: 7
Pending Sales: 3
Price Reductions: 25

PRESENTLY ON THE MARKET: 4/27/2009
Active Listings: 285
Under 100K: 8
100K - 199,999: 61
200K - 299,999: 80
300K - 399,999: 46
400K - 499,999: 18
500K - 599,999: 21
600K - 699,999: 19
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 5
Over $1,000,000: 13
Total Pending Sales: 35

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

You may be hearing in the news about the increase in closed and pending sales across the country. Such great news! Here in Orlando there are 4,906 pending sales, more than double from the same time last year!! Although more people are jumping into the market, prices continue to come down. In Orlando the median sales price has dropped approximately 37% from March '08 to March '09, to $137,000.

Here in College Park the median sales price so far this year is $203,306.
In the industry the talk is that we won't hit bottom until we reach 2003-2004 prices. For the entire year of 2004, the median sales price was $222,000 and in 2003 it was $191,000. It appears that "the experts" know what they're talking about. I hope (and pray) that we are inching closer to some stabilization.

Average rates on a 30 yr. fixed have gone up to 5.375% on a 30 yr. fixed and 5% on a 15 yr.

CLOSED SALES: 4/13/2009 - 4/20/2009

2305 EDGEWATER DR #1723: 2/2 - 1,115 sq/ft - $265,000 (The Wellesley)
1124 W YALE ST: 3/3 - 2,234 sq/ft - $433,000
1021 ATKINS PL: 3/2/1 - 1,758 sq/ft - $282,000
1311 W HARVARD ST: 3/2 - 1,664 sq/ft - $186,111 *BO
2520 HARRISON AVE: 2/2 - 1,226 sq/ft - $192,000
4155 SHORECREST DR: 3/2 - 1,400 sq/ft - $192,000
*BO = Bank Owned

OTHER MARKET ACTIVITY: 4/13/2009 - 4/20/2009
New Listings: 12
Pending Sales: 8
Price Reductions: 19

PRESENTLY ON THE MARKET: 4/21/2009
Active Listings: 284
Under 100K: 7
100K - 199,999: 63
200K - 299,999: 80
300K - 399,999: 47
400K - 499,999: 18
500K - 599,999: 17
600K - 699,999: 20
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 35

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

I know we all need some positive news right now, so here you go... Our inventory in College Park is the lowest it's been since mid January. That's a good thing. The number of closed sales in March was up over February's numbers. That's a good thing. The number of pending sales is the highest it's been since late August of '08. That's a good thing. So the bottom line is, things appear to be settling down a bit and buyers are gaining more confidence.

We still have a bit of harsh reality to deal with, however, and there's no sense in sugar coating the facts. When I just pulled the fist quarter stats for '09 and compared them with last years first quarter numbers, here's what I found. In 32804 in Q1 of 2008, there were 45 closed sales with a median sales price of $295,000. For Q1 of 2009, there were 28 closed sales with a median sales price of $203,306.

As I poll my realtor peers, and with what I'm seeing with my own listings, there is VERY little activity in the over 300K market. Of the 34 pending sales, 74% are listed under $300,000, 5 are bank owned properties and 10 are in pre-foreclosure.

Average rates on a 30 yr. fixed have gone back up over 5% today.

CLOSED SALES: 4/6/2009 - 4/12/2009
1002 Edgewater Ct.: 2/1 - 1074 sq/ft - $253,000

OTHER MARKET ACTIVITY: 4/6/2009 - 4/12/2009
New Listings: 8
Pending Sales: 3
Price Reductions: 17

PRESENTLY ON THE MARKET: 4/12/2009
Active Listings: 280
Under 100K: 8
100K - 199,999: 59
200K - 299,999: 84
300K - 399,999: 43
400K - 499,999: 18
500K - 599,999: 15
600K - 699,999: 21
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 4
Over $1,000,000: 15
Total Pending Sales: 34

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

There was another bummer of a sale last week; new, quality construction selling for much less than the cost of building the house (see below). If you are thinking of selling, you need to be ahead of the curve rather than following the market down. With the short sales and bank owned properties out there, we still have a way to go. The good news is buyers are buying, they're just after the best deal.

Rates remain under 5% for a 30 year fixed.

CLOSED SALES: 3/30/2009 - 4/5/2009
818 YATES ST: 4/4/1 - 3,785 sq/ft- $575,000 *SS
225 E NEW HAMPSHIRE ST #14: 2/1 - 594 sq/ft - $62,600 *BO
*SS = Short Sale
*BO = Bank Owned

OTHER MARKET ACTIVITY: 3/30/2009 - 4/5/2009
New Listings: 8
Pending Sales: 5
Price Reductions: 14

PRESENTLY ON THE MARKET: 4/5/2009
Active Listings: 281
Under 100K: 9
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 41
400K - 499,999: 20
500K - 599,999: 15
600K - 699,999: 22
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 32

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

We had another good week last week in College Park with 9 properties going under contract.

First time home buyers (or anyone not having owned a house in 3 years) have a great leg up right now. On home purchases through 12/1/2009, they will receive an $8,000 tax credit that does not have to be paid back. The credit also applies to divorced, single moms purchasing a home this year. Let me know if you would like more information.

Rates hit an all time low last week, averaging at 4.625% on a 30 year fixed!

CLOSED SALES: 3/16/2009 - 3/22/2009
1706 OAKMONT LN: 2/1 - 1,341 sq/ft - $239,900
2801 ARDSLEY DR: 4/3 - 2,686 sq/ft - $750,000 (Lk. Silver)
1337 VASSAR ST: 3/1/1 - 1,334 sq/ft - $213,000 *SS
*SS = Short Sale
*BO = Bank Owned

OTHER MARKET ACTIVITY: 3/23/2009 - 3/29/2009
New Listings: 8
Pending Sales: 9
Price Reductions: 19

PRESENTLY ON THE MARKET: 3/29/2009
Active Listings: 282
Under 100K: 10
100K - 199,999: 56
200K - 299,999: 87
300K - 399,999: 41
400K - 499,999: 20
500K - 599,999: 14
600K - 699,999: 21
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 31

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.

I am definitely seeing an uptick in activity in the market these days. With rates dropping again, as well as prices, buyers are jumping in. Last week 4 properties went under contract in College Park listed between $149,900 - $399,900 and there were 5 closed sales (below). Inventory remains under 290 active listings.

Average mortgage rates dropped last week to 5% on a 30 year fixed and rates on a 15 yr. fixed fell to 4.625%. Keep in mind that's an average. I heard of a few people locking in last week at 4.675% on a 30 yr. fixed.

CLOSED SALES: 3/16/2009 - 3/22/2009
927 ASHINGTON PL: 2/3/1 - 2,033sq/ft - $180,000
2916 HELEN AVE: 3/2/1 - 1,895 sq/ft - $260,000
1341 W HARVARD ST 3 / 2 1,516 N 1940 $5,105 $155,000 *BO
534 W PAR ST #534: 2/2 - 1,200 sq/ft - $150,000 *SS
12 W VANDERBILT ST.: 5/3/2 - 3,654 sq/ft - $595,000 *SS
*SS = Short Sale
*BO = Bank Owned

OTHER MARKET ACTIVITY: 3/16/2009 - 3/22/2009
New Listings: 9
Pending Sales: 4
Price Reductions: 24

PRESENTLY ON THE MARKET: 3/23/2009
Active Listings: 286
Under 100K: 10
100K - 199,999: 58
200K - 299,999: 88
300K - 399,999: 42
400K - 499,999: 20
500K - 599,999: 13
600K - 699,999: 22
700K - 799,999: 7
800K - 899,999: 7
900K - 999,999: 3
Over $1,000,000: 16
Total Pending Sales: 25

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.